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of <h1>Firm Ownership Changes Limit Loss Carry-Forward and Set-Off Rights for Retiring or Deceased Partners</h1> The statutory provision addresses loss carry-forward and set-off in cases of firm constitution changes or succession. When a firm's constitution changes due to a partner's retirement or death, the firm cannot carry forward or set off losses exceeding the retired or deceased partner's share of profits. Similarly, if a business or profession is succeeded by another person through means other than inheritance, the successor cannot claim losses incurred by the previous entity against their income.
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